Bittersweet sale: Block bought for $11,000 sells for $1.7m

IT was a bittersweet moment for the sellers at 66 Lorikeet Drive, Peregian Beach, for the auction of the solid beachfront house with Kerry Glover of North Shore Realty on Saturday.

It was also a reminder of the state of the Sunshine Coast property market in 2019 and the value of property as a long-term investment.

First time on the market in about 40 years, naturally there was lots of interest for the three-bedroom, two-bathroom house on 513sq m fronting the foreshore reserve.

Ms Glover was run off her feet with inspections on the property that had been in the same family since the land was bought in 1976 for $11,000.

"The family had dispersed to all corners so the owner realised it was time to get rid of it,'' she said. "It has only been rented family friends since the house was built in 1980, the rest of the time it has been a valued weekender.''

In original condition with retro style interior the two-storey brick home had high vaulted ceilings, original kitchen with pantry, separate courtyard entry with laundry off the single lock-up garage.

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There had been offers to buy during the auction campaign but they were subject to conditions. A crowd of more than 50 attended Saturday morning's auction, held on the lawn rolling down to the foreshore reserve.

But the bidders were tough and started at $1.3m.

With five active bidders, auctioneer Gordon Macdonald had to look right, left and centre - $1.4m, then $1.475m and eventually $1.620m where he sought further instructions.

An increase to $1.7m saw the property announced it would sell at that price if there was no further bids.

The hammer fell in favour of a Queenslander working in Hong Kong who is going to renovate it and rent out until she relocates back to the Coast.